Arch Capital Group Ltd. Announces Updated Catastrophe Loss Estimates and Other Information Related to Operations
- Estimated pre-tax losses of
$110 million to$130 million related to 2018 fourth quarter catastrophic events, primarily due to Hurricane Michael and theCalifornia wildfires. - Estimated 12 to 15 percent effective tax rate on pre-tax operating income for the 2018 fourth quarter.
PEMBROKE,
Additionally, the Company estimates that the effective tax rate on pre-tax operating income for the fourth quarter of 2018 will be in a range of 12 to 15 percent. This estimate is based on both statutory income tax rates applied to underwriting income, expenses and investment returns by jurisdiction, as well as an amalgam of discrete items. The effective tax rate for the 2018 fourth quarter reflects a higher proportion of
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forwardâlooking statements. This release or any other written or oral statements made by or on behalf of
Forwardâlooking statements can generally be identified by the use of forwardâlooking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forwardâlooking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events;Â the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forwardâlooking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forwardâlooking statement, whether as a result of new information, future events or otherwise.
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